Carmel Center Apartments_Property for Sale
Carmel Center Apartments_Property for Sale
675 Beacon St, Carmel, IN, 46032-6000, US

Carmel Center Apartments

Asset Description

Jones Lang LaSalle Americas, Inc. ("JLL"), a licensed real estate broker is pleased to present Carmel Center, a 322-apartment and townhome community and city landmark located at the heart of downtown Carmel, Indiana. Built in 2002, the colonial-style Property’s spacious one- and two-bed apartments and four-bed, tri-level townhomes boast award-winning floor plans and details that are unmatched in newer construction. With limited interior upgrades, Carmel Center is prime for programmatic luxury value-add renovations to cater to Carmel’s affluent residents.


Institutionally owned and managed, the Property has benefited from continued investment including a $1.3M complete revamp of the clubhouse and leasing center in 2022.


Overlooking Carmel’s spectacular Veterans Memorial and Reflection Pool, Carmel Center boasts an irreplaceable location just steps from the Monon Recreation Trail, Carmel City Center, and the Arts & Design District. Just 15 miles north of downtown Indianapolis, Carmel is Indiana’s top suburb and ranks a “Best Place to Live in America” by Money Magazine and With access to more than 40 corporate HQs along US-31/Meridian St, A+ rated schools, and leading healthcare, Carmel consistently attracts Indianapolis’ top-earning young professionals, families, and empty nesters seeking elite suburban living.


This unbeatable opportunity is available with accretive assumable financing.



Number of units
322 units
Year built
Building area Net
32,609 m²
Land area net
6.16 ha (61,593 m²)
THB 135,346,000


Investment Highlights

Irreplaceable Carmel Asset

  • Landmark property in the heart of downtown Carmel
  • Colonial-inspired architecture with award winning floor plans
  • High barriers-to-entry including lack of developable land, zoning, and design ordinances


Prime for Luxury Value-Add

  • 100% interior value-add upside
  • Ultra lux outdoor amenity plans ready to execute
  • Condo-style details & features are above and beyond new construction and ready for renovation


#1 Best Place to Live in US

  • Surrounded by downtown Carmel’s superb cultural attractions, dining, and retail
  • Immediate Access to Monon Trail & Carmel Clay Veterans Memorial & Reflection Pool
  • Outstanding connectivity to Indianapolis and surrounding employment via Meridian Pkwy (US-31), Keystone Pkwy, I-465 & I-65
  • A+ Rated Public Schools


Robust Submarket Fundamentals

  • 6.1% YoY Effective Rent Growth
  • 94.3% Projected 5-year Average Occupancy
  • Affluent Resident Base With Average Household Income of $175k Institutionally Owned and Managed
  • Current Ownership has spent ~$4.3 million on the property in the form of capital improvements, including ~$1.3 million on a reimagined clubhouse
Carmel Center Apartments 4_Property for Sale
Carmel Center Apartments 4_Property for Sale

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Last updated
27 Sep 2023